5 Ways Your Company Could Commit Tax Evasion

Many business owners are currently searching for every feasible way possible to cut back on expenses. If you own, run, or manage a company, you’re probably used to looking for ways to keep costs under control even in the best of times, and these days many businesses are facing an uncertain future. Understandably, you’d like to limit expenses everywhere you can.

There are many legal things that you can do to minimize the amount of taxes your company pays. There are currently several tax break incentive programs, and there are other tax shelters and loopholes that allow a business to pay less in taxes. Most of these activities are well within the scope of the law. U.S. tax code permits both individuals and businesses to arrange their finances in such a way as to pay the minimum amount. However, there are several things your business could do that would qualify as tax evasion, which simply refers to illegal activities aimed at cutting tax payments. These include:

• Paying employees in cash
• Colluding with a hiring, PR, or financial firm to hide payroll amounts
• Keeping employees’ income tax payments rather than giving them to the IRS
• Filing false tax returns
• Avoiding sales tax or special import taxes

For More Information

It’s understandable that you want to cut expenses as much as possible. Working with an experienced Austin business attorney from Slater, Kennon & Pugh Ltd.LLP, can help you find legal ways to limit your costs. Call us today at 512-472-2431 to ensure that all your tax and payroll activities are within the scope of the law.